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Are NFTs dead? The answer probably won’t shock you

What's behind the NFT marketplace crash?

By BethAnn Mayer Oct 21, 2022 4:31 AM

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You may have heard about the potential for a pending stock market crash.

Here’s hoping that doesn’t happen. In the meantime, NFTs may have beat Dow Jones to the punch. Yes, there’s an NFT market crash going on, and it has people asking: Are NFTs dead?

words NFT on a typewriter — Image used with permission by copyright holder

For the uninformed, NFTs (non-fungible tokens) represent digital ownership that is embedded in blockchain, or cryptocurrency financial services. In April, predictions that it would grow 147.24 billion from 2021 to 2026 made headlines.

That hasn’t quite panned out.

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NFT trading volumes have tumbled 97% from their peak in January, a Bloomberg headline declared. But it wasn’t just a negative headline. As the article reported, the volumes have gone from $17 billion in January to $466 million in September. A Reuters report shared that NFT sales are down 60% from Q2 to Q3. The average NFT sale also collapsed from $3,894 in May to $293 in July — a 92% decline— according to one analysis.

stock market numbers — Image used with permission by copyright holder

What’s the problem with the once-booming and promising marketplace? Like so many things in life right now, inflation is playing a role in the NFT market crash.

Word of the bad news likely isn’t surprising to market watchers. In late September, the Federal Research raised federal funds to a 3% to 3.25% target rate, its fifth hike this year, in response to the continued inflation crisis. A Time report predicted a rollercoaster to come for bitcoin, which dipped below $19,000, its lowest since June, after the Fed made its announcement. After similar announcements in March, May, and June, bitcoin’s price fell by 10% or more. It also dropped after the July hike. It was just less severe.

Like the stock market, crypto is a risky asset. When the Federal Rate increases, it can negatively affect the NFT marketplace. It’s unclear if and when the crash will end when inflation does — there’s no timetable on that either. For now, the market is volatile.

So, are NFTs dead and buried? It’s not time to officially declare them over, but you probably don’t want to bet anything important on the NFT marketplace right now.

FIFA’s Gianni Infantino Is Uglifying the Beautiful Game With $20 Billion Plot — But the Global Soccer Community’s Punching Back

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For the better part of two decades, perhaps even more, corruption has allegedly run rampant within FIFA. Sepp Blatter, in particular, became the face of alleged extortion schemes, and he operated with impunity while at the helm of the organization for 17 years, from 1998 until his forced resignation in 2015 amid an FBI corruption probe. He’s banned for life from all football-related FIFA activities. If you’re new to the organization’s alleged deep connection to corruption, Netflix offers a brilliant 2022 documentary, FIFA Uncovered. In that documentary, Gianni Infantino appears in his previous capacity as Secretary General of UEFA (2009-2016) and later as the newly elected FIFA president, who vowed to root out corruption and hand the beautiful game back to the people where it belongs.

That, as it turns out, was all wishful thinking.

Escobar Cigars, Co-Owned by Nas, Drops Four-Profile Robusto House Blend Collection

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Imagine that, Nas is getting closer to ruling the cigar world. The legendary rapper’s Escobar Cigars, which he co-owns, is making waves with the launch of a new four-profile House Blend collection. The launch is in partnership with Cigar Chief, one of North America’s largest premium cigar retailers.

The Manual has not yet had the chance to do a taste review (a pack is on the way), but Escobar Cigars says the four-profile House Blend collection (Maduro, Premium Blend Connecticut, Habano, and Connecticut Robusto) “has its own distinct wrapper, filler, and strength profile,” and that “all four are rolled in 5 x 52 Robusto format using classic Cubano entubado construction.”

Is 21-Year-Old Jackson Koivun the Future of Golf? Scottie Scheffler Already Offering High Praise

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The future is here, and his name is Jackson Koivun. The 21-year-old made only his third pro start over the weekend at TPC Twin Cities, where he fended off world No. 1 Scottie Scheffler to capture the 3M Open. It’s Koivun’s first PGA Tour win, but it’s not just that he won. It’s how he won that impressed the golf world, including Scheffler.

The Auburn alum entered the final day of the tournament with a three-stroke lead, and he didn’t let up. Koivun got off to a stellar start on the front nine. He later admitted that he had nerves heading into the back nine, but it didn’t show. Koivun posted two birdies on the back nine and finished the final round bogey-free. He’d go on to win by three strokes. He finished 5-under 66 on Sunday and set a tournament-record 25-under 259 total.